High levels of investment in relation to cash flows, combined with high dividend payouts, have caused UK water companies persistently to borrow to meet their cash outflows. This behaviour is not adequately explained by mainstream theories of dividends. The intensive regulatory environment has...

Much of the new equity declined by existing shareholders in UK SEOs is bought in a few large blocks, both by other existing holders and by new investors. The paper argues that a placing process via negotiation with investors facilitates the purchase of large blocks better than the alternative...

The majority view of the executives interviewed is that disclosure reduces the cost of equity up to the point at which a good-practice level of communication has been reached, after which there is little further effect. Greater disclosure to rating agencies and lenders reduces the cost of debt....